Posted by Todd_OH on August 20, 2003 at 12:36:37:
The way I do things is a little simpler… so hopefully you may be able to benefit from some part of this.
My partners are PASSIVE. They do not get involved with the deal, other than to put up cash and/or arrange financing.
We would have a partnership agreement stating who does what… i.e. they put up the initial money (via cash, obtaining a loan, etc.) and I do everything else. After a certain point we begin splitting expenses if necessary.
The partner would obtain a loan in their name, and therefore be taking title in their name. Shortly after they obtain the loan, we would transfer the title to a Land Trust. This would be spelled out in the partnership agreement.
Since you are doing a refi, you could quit claim the title to your partner’s name (or both of your names if you are both signing for the loan), do the refi, and then transfer title back to the land trust.
Hope this helps…